Chapter 15

Regulation

Introduction

15.1We have considered whether a register of trusts should be introduced to keep an official record of trust relationships. Several types of register were discussed in the Fifth Issues Paper.334

15.2The Commission also considered whether there is a need for additional regulation of individuals and companies that provide services to settlors establishing trusts or to trustees administering and managing trusts. Most people providing professional services to support trusts, such as lawyers, financial advisers and accountants, are regulated, but others are not. If additional regulation of this type is necessary, then a further issue is whether individuals and companies who act as professional paid trustees should also be covered by such regulation.

15.3We have concluded that neither a register of trusts nor regulation of trust service providers is necessary. However, we consider that it is still appropriate to briefly canvass the issues and the options for regulation.